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Saturday, 22 August 2009

Dubai Holding merges property, business parks

Dubai Holding said on Saturday it has completed the first phase of restructuring aimed at helping it cope with a downturn in the economy.

The state-owned conglomerate said in a statement it has merged its property and business parks operations into two units, but stressed it will continue as planned with existing projects, including leisure and entertainment mega-development Dubailand.

Dubai Holding said last Sunday it would pare down its business to concentrate on property, business parks, hospitality and investments.

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Saudi Arabia Business Spat Threatens Riyadh Bid to Be Middle East Boomtown

Eight months ago this sprawling desert capital seemed poised to take on the mantle of new Middle East boomtown.

Flush with $450 billion in foreign-exchange reserves, the Saudi government kicked off a massive spending program to mitigate effects of the global economic downturn and loss of oil revenues.

Officials knew 2009 would be a tough year but unlike neighboring Dubai at least they could boast of healthy banks. Bankers were touting Riyadh as the next financial frontier.

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Ramadan kareem